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Chicago City Wire

Thursday, April 25, 2024

Former state university employee Dick paid in $172K to pension fund, could collect $2.85M in retirement

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Former state university employee Bernard Dick, who retired in January 2016, saved $172,345 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Dick would collect as much as $2.85 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Dick received $59,912 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Dick will have already received $185,181 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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